Regulatory Victory: Gemini Receives Digital Asset Service Provider Registration In France
18 Gennaio 2024 - 4:00AM
NEWSBTC
Cryptocurrency exchange Gemini, founded by the Winklevoss twins,
has been granted crypto registration by the French markets watchdog
Autorite des marches financiers (AMF). According to a recent
announcement made by the exchange, this approval allows Gemini to
offer its services as a virtual asset services provider in France.
The company plans to roll out its products to both retail and
institutional clients in the coming weeks. Gemini Seizes Growth
Opportunities In Europe As announced, Gemini customers in France
will gain access to a wide range of cryptocurrencies for trading,
as well as “advanced” trading platforms such as ActiveTrader.
Institutional clients will also benefit from Gemini eOTC, an
electronic over-the-counter trading solution. Gemini’s regulatory
approval in France marks a milestone in the company’s European
expansion strategy. According to the exchange’s statement, with a
strong sense of regulatory support for the cryptocurrency industry
in Europe, Gemini sees growth opportunities in the French
jurisdiction. The founders of Gemini recognized the need for
regulatory clarity, which is on the horizon with the European Union
(EU) Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto
companies to obtain licenses in one EU country and operate across
the entire EU. Related Reading: QCP Capital Forecasts ETH’s
Dominance Over Bitcoin To Persist, Ethereum ETFs In Focus
Interestingly, Gemini chose Ireland as its European headquarters,
joining other major US crypto companies that have selected Ireland
as their regulatory hub. On this matter, Gillian Lynch, Gemini’s
Head of Ireland and EU stated: We are delighted to welcome
customers based in France onto the Gemini platform in the coming
weeks as we further expand access to crypto across Europe. France
is a global innovation leader and has a vibrant crypto community as
showcased by the success of Paris Blockchain Week. We are excited
to soon be able to provide French customers with compliant and
secure access to the future of finance as we continue on our
mission to unlock the next era of financial, creative, and personal
freedom US Crypto Companies Seek Regulatory Haven In Europe
According to a CNBC report, major US crypto companies are
increasingly looking to expand their operations in Europe driven by
regulatory challenges in the United States. The crypto
industry has faced scrutiny from US regulators, including the
Securities and Exchange Commission (SEC). Gemini and Genesis, a
crypto lender, were charged by the SEC last year for allegedly
selling unregistered securities. Gemini is contesting the lawsuit,
asserting that its interest-bearing products do not qualify as
securities. Per the report, the European Union offers a “more
favorable” regulatory environment, and the MiCA regulation provides
a framework for companies to operate across EU member states.
Related Reading: Parabolic Bitcoin Indicator Points To Continued
Bull Run Despite 15% Crash While the US has yet to approve
comprehensive federal-level crypto regulation, recent developments
indicate a growing acceptance of cryptocurrency trade. The SEC’s
approval of the first-ever spot Bitcoin exchange-traded funds
(ETFs) is seen as a significant step toward integrating crypto into
traditional finance. Despite initial concerns about market
manipulation, the approval of Bitcoin ETFs by the SEC is a positive
development for the industry. At the same time, several bills
related to crypto regulation are making their way through the US
House of Representatives. Featured image from Shutterstock,
chart from TradingView.com
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